Yep - pay them off!! No point in paying any interest if you don't have to!
Cut up one of them and reduce the other one. We have an "emergency" card and the limit is only $1500. That's enough to pay for airfares to get somewhere if a family member is sick etc. or if the car suddenly blows up. It's manageable and can be paid off within the 55 day interest free period.
Don't feel bad about the limits - we once had a..... wait for it..... $15,000 limit and it was maxed
We had it consolidated into a personal loan with our car and we are STILL paying it off!!
Holy crap Amy!!!! LOL Ok, now I feel "normal" and not so much like a freak.
Geez this redraw is going to get a battering - we have HEAPS of bills that I want to pay as well - just start afresh. We won't have anything left in the redraw - but we can build on that I suppose....
yes u can build on that mel dotn forget to treat ya self every now and then to when u are saving so much to get to your goals. have small goals and work form there.
We as a family of 4 manage to spend about $100 - $150 per week on groceries ($150 is a bad week for us LOL) by shopping at Aldi. It seriously cut $50 - $100 off our grocery bill once we started shopping there (I used to shop at Safeway each week).
Once you have handed one back, don't just cut it up as they will keep charging you yearly fees if they don't know you don't want it any more. Also ask for the limit to be reduced if you don't need that amount.
We have a credit card with $500 limit so you can get them with low limits if need be.
When I had trouble getting the budget correct I started a spread sheet on the computer, before that I used a book, and it really helped as it was there in black & white what I was spending. It really helped to see where the money was going.
The best part was the saving column I started and enjoyed watching it grow bit by bit, sometimes only $5.00 a pay but it was still an encouragement to save.
Just out of interest, what interest rate are you paying on your car loan? Who is it through?
It may be worth looking at paying out the rest of the car loan at the same time, if you have the funds in redraw.
By paying an extra 4K off our car loan last year we saved soooo much money in interest!
And it is only another $2200, iykwim. I would knock them both off at once if you can.
Anyway, good luck mel, hope you can get them gone asap!!
PS - I have only 1 kid and I stll spend $300 a week on groceries! you can take the Chef away from work, but cant take the good food away from the chef!! lol
Yeah I'll have to look at getting a book or something... thats a good idea.
Alexis - our car loan is 8.99% - so its pretty low - as far as car loans go.
I'll have to do some sums - see how much we can afford to pay off everything!!!!! we don't have THAT much in the redraw (plus I'd like to buy more stock for my shop!! lol)
Yeah I'll have to look at getting a book or something... thats a good idea.
Alexis - our car loan is 8.99% - so its pretty low - as far as car loans go.
I'll have to do some sums - see how much we can afford to pay off everything!!!!! we don't have THAT much in the redraw (plus I'd like to buy more stock for my shop!! lol)
Best not to have the temptation there!
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dotn forget to treat ya self every now and then to when u are saving so much to get to your goals. have small goals and work form there.
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